Judy Mitchell’s Blog

Understandably, fence sitting has many causes.  As human fence sitters, we are just thinking through a process or just plain afraid to do anything.  The adage of "when in doubt, don’t do anything" comes into play.  When home purchasing is being considered, knowledge is the key.  Knowledge dispels fear.

Sales Prices haven’t been this low in decades. With the Bank Owned properties in abundance, there are lots of homes to choose from.  Prices are going to reflect what is happening in the locale.  some neighborhoods are more reasonable than others.  Not all Bank Owned properties are old.  Some tracts that were built in recent years offered "special financing." Of course, we know what happened!  In parts of Northern California, values dropped up to 45% from January 2008.  There are more Foreclosures, thus Bank Owned, on the way.

Interest Rates are fantastic!  Get off the fence for a moment and take step one.  Check out your borrowing power.  You may be surprised at what you find.  If you have been a responsible borrower and paid your credit card bills, loans, etc. on time, your FICO Score will reflect your actions.  The higher your score, the better rate and terms will be offered to you.  Cash down payment is essential.  If you have saved for this purchase, great!  If not, consider approaching a relative for help.  The "Down Payment Assistance" programs have been suspended by the State. A great Tax Credit this year for those that don’t wait too long!

Hop Off the Fence and Get Moving!